{
|
"conclusion": {
|
"base_midpoint": "35.50458333394543887781166662",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.173956414023275032971154945"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "181.4883719",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "827724961.47315557"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "662179969.178524456"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "551816640.9821037133333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "472985692.2703746114285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "413862480.736577785"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "331089984.589262228"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "275908320.4910518566666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "220726656.3928414853333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "165544992.294631114"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "汇总接口未提供逐家报告日期；估值日仅作为C1汇总快照日期，不替代单家研报。",
|
"estimates": {
|
"2026": {
|
"eps": "1.096666666667",
|
"profit": "100032675.91336374"
|
},
|
"2027": {
|
"eps": "1.513333333333",
|
"profit": "138039011.74663624"
|
},
|
"2028": {
|
"eps": "1.895",
|
"profit": "172852815.37"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.096666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000001597478009469620908398896968",
|
"institution_count": 1,
|
"pe_on_mean": "102.7568389057438412645897719",
|
"profit_max": "100032675.91336374",
|
"profit_mean": "100032675.91336374",
|
"profit_median": "100032675.91336374",
|
"profit_min": "100032675.91336374"
|
},
|
"2027": {
|
"eps_mean": "1.513333333333",
|
"eps_profit_reconciliation_gap": "0.0000000000000001564630152499357054559406010",
|
"institution_count": 1,
|
"pe_on_mean": "74.46475770926751490157727600",
|
"profit_max": "138039011.74663624",
|
"profit_mean": "138039011.74663624",
|
"profit_median": "138039011.74663624",
|
"profit_min": "138039011.74663624"
|
},
|
"2028": {
|
"eps_mean": "1.895",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "59.46701846965699208443271768",
|
"profit_max": "172852815.37",
|
"profit_mean": "172852815.37",
|
"profit_median": "172852815.37",
|
"profit_min": "172852815.37"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688160.SH",
|
"company": "步科股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8536939108995619840955266231",
|
"annual_fcf": "468621.34",
|
"book_value_per_share": "14.40057630588478855159303154",
|
"current_fcf": "-51238669.96",
|
"deduct_pe": "167.4750979196331694250527636",
|
"diluted_shares": "91215206.0",
|
"enterprise_value": "9668131618.780",
|
"market_cap": "10279041564.140",
|
"normalized_eps": "0.6728761553199804208083463628",
|
"normalized_pe": "167.4750979196331421385511494",
|
"normalized_profit": "61376537.12000001",
|
"pb": "7.825381262967183190567179049",
|
"price": "112.69",
|
"ps": "13.16661612745100038390644950",
|
"reported_pe": "137.6561665633737350941474546",
|
"ttm_attributable_profit": "74671856.85",
|
"ttm_deduct_profit": "61376537.12",
|
"ttm_eps": "0.8186338673619834833240413885",
|
"ttm_revenue": "780689697.69"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-13295319.72999999",
|
"basis": "2025年报加2026年最新累计期减上年同期比较数",
|
"description": "以TTM扣非归母利润替代TTM归母利润作为核心盈利代理"
|
}
|
],
|
"qa": {
|
"error_count": 0,
|
"info_count": 0,
|
"issues": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "5.6345",
|
"implied_margin": "0.6583308063725500191953224749",
|
"implied_profit": "513952078.207",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "4.5076",
|
"implied_margin": "0.5266646450980400153562579799",
|
"implied_profit": "411161662.5656",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "3.756333333333333333333333333",
|
"implied_margin": "0.4388872042483666794635483166",
|
"implied_profit": "342634718.8046666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "3.219714285714285714285714286",
|
"implied_margin": "0.3761890322128857252544699856",
|
"implied_profit": "293686901.8325714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "2.81725",
|
"implied_margin": "0.3291654031862750095976612375",
|
"implied_profit": "256976039.1035",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.2538",
|
"implied_margin": "0.2633323225490200076781289900",
|
"implied_profit": "205580831.2828",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.878166666666666666666666667",
|
"implied_margin": "0.2194436021241833397317741583",
|
"implied_profit": "171317359.4023333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.502533333333333333333333333",
|
"implied_margin": "0.1755548816993466717854193267",
|
"implied_profit": "137053887.5218666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.1269",
|
"implied_margin": "0.1316661612745100038390644950",
|
"implied_profit": "102790415.6414",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "需求、验收或价格低于预期，利润下修且估值回归低位。",
|
"cagr_high": "-0.295362913999512",
|
"cagr_low": "-0.3983625572320889",
|
"equity_value_high": "1785583264.92",
|
"equity_value_low": "810264674.88",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "19.57549999854190977763071653",
|
"price_low": "8.882999999802664481183104492",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8262889342573262066054599651",
|
"upside_to_low": "-0.9211731298269352694899005724"
|
},
|
{
|
"assumption": "以TTM归一化利润与3家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.14849065370962455",
|
"cagr_low": "-0.2883964478859915",
|
"equity_value_high": "4601503092.0",
|
"equity_value_low": "1875612673.50",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "50.44666666652049220828378111",
|
"price_low": "20.56250000137038554733955214",
|
"role": "base",
|
"upside_to_high": "-0.5523412311072811056146616283",
|
"upside_to_low": "-0.8175303931016914939449857828"
|
},
|
{
|
"assumption": "订单、产品结构和规模效应超预期，利润与估值中枢同步上移。",
|
"cagr_high": "-0.029321152159156427",
|
"cagr_low": "-0.13210346150894536",
|
"equity_value_high": "8857893452.10",
|
"equity_value_low": "5061653401.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "97.10983333305194750094627863",
|
"price_low": "55.49133333317254142911215922",
|
"role": "optimistic",
|
"upside_to_high": "-0.1382568698815161283082236345",
|
"upside_to_low": "-0.5075753542180092161761277911"
|
}
|
]
|
}
|
